CNFC Overseas Fishery Co. – the name for the listed arm of CNFC, one of China’s leading trawler operators and processors – has announced a sharp fall in earnings and profits for the first half of the year.
Revenue dropped 15.7 percent to CNY 208 million (USD 31.2 million, EUR 27.7 million) year-on-year, while a loss of CNY 24.39 million (USD 3.6 million, EUR 3.2 million) was also reported by the company, which is state-owned and a one-time flag bearer for the industry in China.
The catch of 7947 tons fell 52.5 percent with the Argentine squid catch down 89.8 percent while tuna catch at 6,064 tons were up 22 percent. The company is also blaming its bad results on the fall-out from the troubled acquisition of Xin Yang Zhou, a processor based in the southern city of Xiamen which was pursued by the Industrial Bank of China for unpaid loans not disclosed during the acquisition.
The data is bad news for investors which include the Fosun Group – which has a 14 percent (105 million shares) of the Shenzhen-listed CNFC Overseas Fishery Co.
